Dorado Launches Initiatives to Support Minority Homeownership

Delivers Point-of-Sale Access to First American Discount Service Packages; Creates Spanish-language Web sites for Countrywide Loan Officers

San Mateo, Calif.—December 1, 2003—Dorado Corporation, the leader in Web services-based systems for home lending, today announced its commitment to emerging markets and minority homeownership. Dorado will provide lenders with point-of-sale access to First American guaranteed discount packages of real estate settlement services, which are designed to help under-served families realize the dream of homeownership. The First American services will be integrated with Dorado ChannelMaster™, enabling seamless access to service bundles that will help lenders better attract and serve minority and lower income borrowers. Dorado has also created Spanish-language versions of the ChannelMaster home loan consultant Web sites for Countrywide Home Loans.

“Minority families will account for more than 60% of all first-time homebuyers over the next decade and will represent 61% of California’s total population by 2015,” said Gary Acosta, chairman of the National Association of Hispanic Real Estate Professionals. “Mainstream lenders would do well to be prepared to address these emerging markets with products and services that meet their specific needs.”

First American recently announced their intention to introduce a suite of alternative credit products designed for under-served consumers previously denied access by traditional credit scoring systems. The package will bundle a credit report, title insurance, settlement services, flood certification, and a home warranty, and will be introduced in California next year.

“We’re thrilled that Dorado will offer our new affordable housing settlement packages through ChannelMaster,” said Landon Taylor, vice president of The First American Corporation. “Earlier this month, First American launched its five-point plan to expand homeownership opportunities among the nation’s minorities. Bringing these services to the point of sale through Dorado’s Web services-based origination platform will help us create a powerful catalyst to enable lenders to reach minority communities more effectively.”

To serve growing markets, Countrywide Home Loans worked with Dorado to give their loan officers Spanish-language versions of their ChannelMaster Web sites. “Since we were founded, Countrywide has been focused on helping underserved Americans purchase homes. Now, working with Dorado, we have given our (bilingual) loan officers the ability to be accessible online in their local communities with Spanish-language versions of their Web pages,” said Bruce Cornelius, senior vice president, Countrywide Home Loans. “The Spanish sites are available in one click from the loan officer’s home page, and they offer the same information and capabilities as the English versions. We believe this will be an increasingly valuable tool to our loan officers in better serving a growing customer base.”

Dorado’s Spanish-language Web sites will also help Countrywide attract more Latino borrowers. “Our research shows that 65% of Latinos are more comfortable doing business with peers in their communities and in their native language,” added Acosta. “Dorado and First American are taking key steps to be at the forefront of serving this burgeoning market.”

“In Washington, a goal for the current administration is to create 5.5 million new minority homeowners by the end of this decade,” said Dain Ehring, chief executive officer, Dorado Corporation. “Dorado is working to help the industry meet this noble objective. One of our core strengths is in delivering flexible, scalable solutions that enable our customers to react quickly to shifts in the industry and stay on top of trends. Our Web services-based platform and applications make it easy for lenders to add new emerging markets capabilities and services to their existing systems.”

Dorado Corporation

Dorado Corporation is the leader in Web services-based systems for U.S. home lending banks. Dorado’s mortgage, home equity, and real estate products integrate business customers and consumers into lending processes. Dorado’s Web services-based solutions increase flexibility and efficiency and enable the up- and cross-sale of financial products and services. www.dorado.com

Copyright © 2003 Dorado Corporation. All rights reserved. Dorado, the Dorado logo, Dorado ChannelMaster, Dorado PriceMaster, and Dorado .MOR are trademarks of Dorado Corporation. Other company and/or product names may be trademarks or registered trademarks of their respective companies.

Press contact:
Melinda Mattei
Dorado Corporation
650-227-7329